The Finnish COREP Project Kari Ukkonen Financial Supervision Authority VII European Banking Supervisors XBRL Workshop 9 May 2007

1 Contents 1.About the Finnish COREP project 2.Reporting system 3.Finnish COREP Taxonomy 4.Data collection 5.Experiences/Challenges 6.Conclusions

2 About the COREP Project Goals of the project Automated report flow New data model New language: XBRL Based largely on the existing system Why XBRL? Good data modelling: measures and dimensions Possibility to exchange data with other supervisors Recommended by CEBS

3 About the COREP Project (cont.) April 2006–August 2007 Involves about 20 people 8 IT people Business people Outside consultants: project manager, 2 developers, taxonomy consultant Actual amount of work until now FSA: ca man-days Consultants: ca. 400 man-days

4 Taxonomy Maintenance ExtranetDB Institution Register RISKIDB Metadata Describing COREP Data Collection Download COREP- metadata Taxonomy files Copy FSA's Internet site Extranet for Reporting Entities Taxonomy files Report Management RISKI Analysis tool Riski- folder COREP Reporting Application Report pre- processing Input- director y Run Installation Sets for COREP application COREP Installation sets Download Formulas Internet Automatic notification Automatic Input Error List Sending error list Report Log ExtranetDBInstitution Register COREP Installation sets Copy DMZ Demilitarized Zone FSA LAN The Reporting Institution produces COREP report either by using Excel reporting Application or by its own means using COREP taxonomy COREP Reporting System 27 March 2007 Jaakko Mauranen

5 The Finnish COREP Taxonomy Extends the European COREP Taxonomy One additional template for market risk An additional taxonomy for details about the sender ( , phone etc.) Finnish and Swedish labels Customized definition, presentation and label linkbase No changes to calculation nor references Uses so-called reporting layers, which import the necessary template taxonomies Simplifies the use of the taxonomy Different reporting layers for different types of reporting institutions Available in FSAs website (link)(link)

6 Data Collection Reporting institutions have two ways to create a report Use the reporting application provided by FIN-FSA By their own means Excel-based reporting application Produces XBRL instances Proprietary, developed with VBA, required a lot of work compared to previous data collections Manual mapping between taxonomy elements and Excel cells Imports XBRL and CSV files Most of the reporting institutions use Challenge: How to manage connection with the taxonomy?

7 Experiences/Challenges No prior XBRL knowledge in Finland New releases of the COREP taxonomy XBRL software was not mature Developing own software also challenging and time-consuming Reporting institutions are not very excited about XBRL A couple of banks in Finland will report directly in XBRL in 2008 Open questions Who will eventually maintain the taxonomy – IT or business? How will the exchange of data between authorities really work?

8 Conclusions Big, challenging, time-critical project Goal: automated report flow in XBRL Taxonomy customization important! Need for affordable, customizable XBRL software Good luck in your project!